2010 (12) TMI 106

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....tated in the application.   2. Application stands disposed of      I.T.A No. 1866 of 2010 3. In the return filed by the assessee interest accrued on FDR was not offered for tax. While making that addition, the Assessing Officer also initiated penalty proceedings by issuing show-cause notice to the assessee and ultimately passed the orders imposing penalty of Rs. 7....

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.... by the assessee was based upon a few decisions of the court, but it was not accepted by the Assessing Officer. That does not mean that there was any non\x7f disclosure of material facts, which could warrant levy of penalty. The learned Departmental representative could not controvert the afore said factual finding of the learned Commissioner of Income-tax (Appeals). Thus, the facts are that a cla....